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North American Shredding Association


The Fair and Accurate Credit Transaction Act

FACTA was enacted in 2003 and amended in June 2005. FACTA provides consumers, companies, consumer reporting agencies and regulators with new tools to expand consumer access to credit, create a more accurate consumer financial information and help fight identity theft.

Does FACTA Apply To You?

FACTA's Disposal Rule applies to any company or person that “maintains or otherwise possesses consumer information or any compilation of consumer information, derived from consumer reports for a business purpose.” It calls for the proper disposal of information in consumer reports and records to protect against “unauthorized access to or use of the information.” Among those who must comply with the Rule are:

What Is Proper Disposal

The Disposal Rule requires disposal practices that are reasonable and appropriate to prevent the unauthorized access to, or the use of, information in a consumer report.

Does FACTA Have Teeth?

The Fair Credit Reporting Act (revised by FACTA) outlines penalties, including civil liabilities for noncompliance.

616. Civil liability for willful noncompliance – (a) In general. Any person who willfully fails to comply with any requirement imposed under this subchapter with respect to any consumer is liable to that consumer in an amount equal to the sum of (1) (A) any actual damages sustained by the consumer as a result of the failure or damages of not less than $100 and not more than $1,000; or (B) in the case of liability of a natural person for obtaining a consumer report under false pretenses or knowingly without a permissible purpose, actual damages sustained by the consumer as a result of the failure or $1,000, whichever is greater; (2) such amount of punitive damages as the court may allow; and (3) in the case of any successful action to enforce any liability under this section, the costs of the action together with reasonable attorney’s fees as determined by the court.

What To Do?

Shred your confidential documents whether they're in print or electronic format. To become FACTA compliant and receive Certificate of Destructions that limit your liabilities, call ShredEx at (877) 747-3381.

FACTA Disposal Rule Goes into Effect June 1

New Rules Tells How to Dispose Of Consumer Report Information

The Fair and Accurate Credit Transaction Act of 2003

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